Social gifting service Giftology seems to have shut shop. The website has been down for at least a week and the founders weren’t reachable.
The Delhi based company, which raised an undisclosed amount of seed funding in January this year was backed by Kiran Sidhu, the Chairman prepaid cards provider Transact Network. Sidhu had previously backed Buzzdash, a startup which was sold to the Tribune Group in 2009.
The company also appointed Varun Vummidi as its Chief Executive Officer. Vemmidi was not reachable on phone. An e-mail to Aman Narang, Co-Founder of Giftology went unanswered. Giftology was similar to Wrapp, a social gifting service in the US. (Read Giftology’s review on our forum.)
The gifting space in India has mainly two sides. The consumer facing side and the corporate side. Corporate gifting is the one most startups are focused on. The consumer gifting side is harder to crack.
The consumer space is a bit competitive, like I’d written before. From recently launched Wishpicker to Giveter, which provides you with gifting recommendations for relevant gifts based on recipient’s profile, Social Buddies , Badhai.in and GiftBig there are many players out there. In July this year, gifting platform Giftxoxo raised angel funding from Kshatriya ventures.